MLchartDataset catalogue

FIFO accounting

Term · Law · MLC-T-LAW-002113

An inventory valuation method where it is assumed that the first items acquired by a business are the first ones sold. This method, standing for 'First-In, First-Out,' is used to calculate the cost of goods sold and the value of remaining inventory. It generally reflects the physical flow of goods for perishable items or those with expiration dates.

Table 1. Record
IdentifierMLC-T-LAW-002113
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-002113",
  "term": "FIFO accounting",
  "field": "Law",
  "definition": "An inventory valuation method where it is assumed that the first items acquired by a business are the first ones sold. This method, standing for 'First-In, First-Out,' is used to calculate the cost of goods sold and the value of remaining inventory. It generally reflects the physical flow of goods for perishable items or those with expiration dates.",
  "url": "https://mlchart.com/terminology/law/fifo-accounting/"
}

Record 2,018 of 5,441 in Law terminology (MLC-0107). Request the full dataset.